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Tag: Target audience

  • 5 Social Media Trends Cannabis Brands Should Know in 2024 – Cannabis Business Executive – Cannabis and Marijuana industry news

    5 Social Media Trends Cannabis Brands Should Know in 2024 – Cannabis Business Executive – Cannabis and Marijuana industry news

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    5 Social Media Trends Cannabis Brands Should Know in 2024 – Cannabis Business Executive – Cannabis and Marijuana industry news
































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    Susan Gunelius

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  • Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

    Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Research is a crucial component of any successful business decision. One of its most popular and effective forms is focus groups, where people are brought together to discuss and provide feedback on a product, service or idea. Usually, it’s conducted after people have interacted with the product for some time.

    My company tried applying this research method in a bit different format. By dividing the data collection into two parts, one just after another, we made the process faster and more accurate than ever before. Here’s a guide on how to level up your focus group if you’re limited in time.

    Related: If Your Company Is Not Customer-Obsessed, You’re Doing It Wrong

    How to organize focus groups differently

    The main difference in our type of focus group was collecting data on your customers’ opinions on the service or product almost simultaneously while interacting with it. We asked our participants twice: briefly while they were getting our services and more lengthy as soon as they were finished. Here’s how to build this type of focus group.

    1. Gather a representative sample: Inviting people who closely match your target audience is essential. For example, you can select participants who have already registered for your service and have some familiarity with our product. In our case, we randomly invited people who enrolled in our free webinar. Of course, you should offer compensation for their participation.

    2. Don’t set any limits: Explain that people shouldn’t treat your study as something they should change their behavior for. In particular, they are free to drop out if they don’t like something or get bored.

    3. Collect feedback while they are getting your service: You can chat using the most popular messaging app among clients to collect feedback in real-time. We asked questions regularly so that participants could share what they liked and didn’t like as the webinar was taking place.

    4. Arrange a follow-up call: After the webinar, we arranged a group call that was just like the usual focus group to get additional feedback and more detailed information. During this, give a brief intro and encourage participants to take turns telling you about themselves. Then ask questions on matters that are most significant for you, like:

    • Did you finish taking the service?
    • What were the good parts?
    • What were the inconveniences you experienced?

    Related: This Is Why You Should Never Ignore Customer Feedback

    Benefits of “real-time” focus groups

    As mentioned above, our goal was to make more data-driven decisions about the webinar funnel. We were looking for some little insights that might not be obvious at all, which people will soon forget about but are crucial in decision-making.

    There are several benefits to changing your approach to focus groups. Here are the key ones:

    • Unfiltered feedback: When participants provide feedback in real-time, their thoughts and feelings are not distorted by time or memory, resulting in unfiltered feedback. For example, we learned that people were really annoyed when the speaker’s icon covered a piece of presentation. It’s not surprising that it can be unpleasant, but we were astonished to know that it could be a reason for people to leave the webinar!
    • Realistic representation: It was important for us to allow the participants to drop out or lose interest in the webinar, just as they would in real life, providing a more realistic representation of the process.
    • Simultaneous information acquisition: By providing a platform for real-time feedback, we can understand the perspectives of different participants while gaining insights into cultural and social differences.
    • Quick implementation of changes: Consequently, you can plan improvements on your product significantly after just one round of data collection.

    Related: Steal These 4 Proven Customer-Retention Strategies

    Challenges

    While real-time decision-making during focus groups has many benefits, it is not without its challenges. The main problem one would face is typical for any kind of focus group: this format is not for newbies. To gain valuable insights, it is essential to have a skilled moderator who can keep the discussion on track and ensure that all participants are heard.

    Moreover, there is a risk of people who talk too much – those who form opinions for other participants or do not let them express themselves. In this case, the moderator should encourage others to speak during their turn and know how to interrupt and even silence that person politely. Of course, all the participants must have a stable Internet connection. It can be hard to reassure, and technical difficulties can disrupt the process.

    Moreover, it would be a mistake to think that focus groups are less expensive than other qualitative interviews. To recruit the participants, you will likely have to pay each of them the same honors as for other interviews, so you will spend several times more for one hour and probably learn less from each participant. Apart from them, you will need to hire a research team if you don’t have one, which would cost you extra. However, if your goal is to get the most information from several people simultaneously, you’re unlikely to find a better solution.

    Conclusion

    Real-time decision-making during focus groups is a revolutionary research method that can provide quick, unfiltered feedback and a realistic representation of the decision-making process. By following our step-by-step guide, you can organize your own real-time focus group and take advantage of the many benefits this method offers. While there are challenges to consider, the rewards are well worth the effort.

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    Roman Kumar Vyas

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  • 5 Proven Tips to Better Understand Your Audience and Drive Sales | Entrepreneur

    5 Proven Tips to Better Understand Your Audience and Drive Sales | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How well do you know your audience? It’s a question that every entrepreneur must carefully consider if they wish to make their products or services appealing to potential customers.

    The better you know your audience, the easier it will be to speak to their specific pain points and to present your business as a desirable solution. While getting to know your audience better isn’t always easy, there are some proven practices that businesses have consistently used to gain the level of understanding needed to succeed.

    Related: 5 Tips for Entrepreneurs to Better Serve Their Potential Customers

    1. Start with what you already know

    No entrepreneur is going to launch their company without at least some understanding of their target audience. Whether that knowledge stems from your own personal experience, focus groups you conducted when testing your product idea or even reviewing industry news and surveys, this is a valuable starting point for coming to understand your audience.

    This initial set of information should serve as the foundation to help you focus your learning efforts. It probably isn’t as detailed as you need it to be, but it can provide a useful guide when deciding which pain points to explore or which competitors to evaluate.

    2. Make the most of buyer personas

    Buyer personas serve as a fictional composite of what your ideal customer looks like. When done right, they can help you better hone in on the types of messaging that will best appeal to your target consumer.

    Buyer personas draw information from available data to help you better define target audience demographics, behavior, motivations and objectives. This tells you who they are, why they buy and even how they might go about doing business with you. Negative buyer personas can also be helpful in clearly identifying audiences that aren’t a good fit for your products or services.

    Your buyer persona essentially serves as a representation of that data you’ve already accumulated. It ultimately makes it easier for you to visualize who you are selling to and how to appeal to them.

    Related: How to Drill Down Into Your Buyer Personas to Create Hyper-Targeted Content

    3. Utilize survey data

    Additional surveys of existing customers and those who fit your preferred buyer persona can provide valuable qualitative insights into industry trends, specific details about your products or services and even the type of messaging that best appeals to them. Asking for honest feedback can help you better define your core messaging.

    You don’t need to rely exclusively on your own internal surveys to gain better insights into your target audience. For example, travel insurance company Faye recently conducted a study that revealed, among other things, that 38 percent of Americans would sooner give up intimacy than travel — and that 40 percent are spending as much as $8,000 per international trip. For travel-related brands, such insights can be key to better understanding their audience’s mindset so they can market accordingly.

    Notably, audience perspectives can shift over time. Regularly conducting surveys of your own and following other survey results that are relevant to your niche can help you adapt accordingly.

    4. Look at successful competitors

    Sometimes, evaluating successful competitors can provide the best insights into how to appeal to your target audience. Look at things like the brand voice, particularly in regards to the marketing tactics and messaging they use.

    For example, outdoor brands might want to look at what has made the National Park Service Twitter account such a success. When you can identify patterns in the types of images or phrases successful competitors use, you may be able to incorporate similarly appealing facets into your own marketing.

    Of course, evaluating your competitors can also help you identify opportunities where you are able to solve a pain point that they don’t. What types of complaints do your competitors receive? What services do their customers say they wish were available, but aren’t? These insights can prove key to differentiating your own services in a more meaningful way.

    Related: How to Spy On Your Competition With Social Media

    5. Monitor your audience engagement

    In 2020, there were roughly 290 billion actions taken on brand-owned content on Instagram, Facebook and Twitter. Needless to say, audiences are significantly engaged with brands on social media and other online platforms — and this can be a valuable way to learn more about your audience in real-time.

    How your audience responds to different social media posts or blog posts can go a long way in helping you understand the type of content that resonates with them. Understanding what works (and what doesn’t) will enable you to refine your messaging over time.

    Of course, social media is far from the only place you can get valuable engagement. Customer support interactions, forum mentions and your own experiences during sales meetings can help you better understand what your audience values — and whether or not you’re successfully catering to their needs.

    Even picking up on trends like how your clients speak differently than other audiences, or have different concerns or goals, can help you identify shared attributes that can better define your messaging and services.

    To know is to sell

    Truly getting to know your target audience requires a fair amount of work.

    But the rewards are well worth the effort. When you utilize these methods to understand your customers on a more personal level, you will be far better equipped to adapt your marketing in a way that truly speaks to them. You’ll correctly identify their pain points, desires and goals. And you’ll be able to clearly articulate why your product or service is the right match.

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    Lucas Miller

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  • Most Entrepreneurs Miss Out On This Crucial Step to Success

    Most Entrepreneurs Miss Out On This Crucial Step to Success

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s not hard to imagine this scenario: An entrepreneur experiences a problem and decides to build a solution to solve it. It works well, they love the solution and choose to start a business around it. The entrepreneur puts in a lot of energy, time and money to bring the new business into the world. Then they launch the business. And nothing happens. They simply can’t sell their solution.

    Whether you’ve launched a new small business or a high-growth startup, you’ve got an uphill battle before you. About 20% of startups won’t survive past their first year in business. There are many reasons why a new business won’t make it, but the one thing I see consistently as a fractional CMO is that the entrepreneur in charge hasn’t done their research.

    Doing market research in the early stages of building a company — and regularly after launching — is essential to validate a business idea and build something your market wants to buy.

    Yet, this essential step is often overlooked or simply ignored by many business owners. Why?

    First, it can be a lot of work. Furthermore, according to Vernon Research Group, you can expect to spend anywhere from $4,000 up to $50,000, depending on your research.

    Put those two factors together, and it becomes clearer why entrepreneurs are skipping this step. The truth, however, is that market research can be easy and cost-effective for small business owners. Here are four strategies for running effective market research on a budget.

    Related: Why Applying Constant Pressure on Yourself Can Significantly Improve Your Productivity and Success

    1. Interviews and surveys

    My favorite way to gather information for market research is to write down the questions I want answers to and have the answers documented through video interviews or surveys.

    The more people you can get to give you their insights, the better. To get the most responses for your survey or interviewees to meet with you, you’ve got to start asking. This can be done by posting on your own social media channels, identifying your target customer on LinkedIn and sending them a message asking for help, or even running ads on social media.

    The key here is to get scrappy, don’t be afraid to put yourself out there and keep going until you have enough information documented to make an educated decision about how to move forward.

    Related: The Best Ways to Do Market Research for Your Business Plan

    2. Competitive analysis

    Although it is often undervalued, there is a lot to be said for conducting a thorough competitive analysis to inform the next steps to take in your business.

    Researching your competition means stepping beyond comparing your business to one or two others. Find eight to 12 companies that could be considered your competition and analyze everything they do, not just their product features. Who are they identifying as the target market? What are they highlighting in their messaging? What are their price points? How are they showing up on social media?

    A strong competitive analysis will help you to identify more clearly how your market is currently being served and how you can fill the gaps.

    Related: How To Spy on Your Competition With Social Media

    3. Tap into the communities of your target market

    We are now connected online more than ever before in human history, and people gather in digital spaces over the things that connect them, from their love of pets to their personal challenges. Find the communities where your target market spends their time, follow their conversations and start engaging.

    Facebook groups, Twitter and LinkedIn are ideal platforms for identifying and joining communities where your ideal customer might connect with others around a problem you are solving.

    4. Start asking questions publicly

    Arguably, Quora and Reddit could also be called communities where your target market lives. However, the way people engage and interact on these platforms is fundamentally different. On Facebook groups, Twitter and LinkedIn, you need to spend time engaging and building rapport with others in the community.

    On Quora and Reddit, it’s a bit easier to join an existing conversation or post a question and get a direct response from the community at any time, as long as you have a thoughtful, non-promotional question to ask.

    These two platforms will likely be the quickest way to start your market research.

    The big problem with skipping market research is that you risk building a product or service that no one wants. It’s essential to spend the time — before you start building — to identify your target market, find them, and get feedback on what you’re trying to create.

    You simply can’t afford to overlook it or assume you know what the market wants or needs.

    Market research is a key component to successfully launching any new business. With a little time and effort, you can successfully confirm that your product has a spot in the market and move forward confidently.

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    Shauna Armitage

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